JPMorgan upgraded Wuxi Biologics (WXXWY) to Overweight from Neutral with a price target of HK$20, up from HK$13, citing expected order growth and improved margins. Although the newsthat WuXi Bio sold its Ireland vaccine facility to Merck (MRK) for about $500M sent the stock lower, the firm thinks the company sold the facility not mainly due to “Biosecure Act” pressure, but due to the low investment return of the facility, the analyst tells investors. The firm expects WuXi Bio’s order growth might improve given that the “Biosecure Act” bill failed to pass in the U.S. in 2024, the analyst added.
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